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c c


   

? c  
   c   

1 The À  À À is a review of where the company has


been and considers many of the above environmental factors
2 The entrepreneur should provide a review of past
performance of the product and the company
3 This section simply reviews key elements of the Industry and
Competitive Environment section of the plan

B c  

       

1 The entrepreneur should have a good idea of who the


customer or
   will be
2 The defined target market will usually represent one or more
segments of the entire market
3  À
  is the process of dividing the market
into smaller homogeneous groups
4 The process of segmenting and targeting customers is:
a Decide what general market or industry you wish to
pursue
b Divide the market into smaller groups based on
characteristics of the customer or buying situation
c Select segment or segments to target
d Develop marketing plan integrating the parts of the
marketing mix
C c  
c 
  

It is important for the entrepreneur to consider its strengths and


weaknesses in the target market

D c    
!  "# $

1 Before strategy decisions can be outlined, the entrepreneur


must establish realistic   

À   À
2 These objectives answer the question ³Where do we want to
go?´
3 These goals should specify such things as market share,
profit, sales, market penetration, pricing policy, and
advertising support
4 Not all goals and objectives must be è  %
 è    $
  can be set (i e , change the name of the
product or find a new distributor 
5 It is a good idea to limit the number of goals to between six
and eight

E c &  
 
c  
' (#  )
*

1   
À 
  
 À answer the
question ³How do we get there?´
2 ) # c$#
a This includes a description of the product and may include
more than the physical characteristics
b It involves packaging, brand name, price, warranty, image,
service, features, and style
3 )#

a Prior to setting the price the entrepreneur will need to


consider three important elements: costs, margins or
markups, and competition
b  
(i ?n important initial consideration in any pricing
decision is to determine the costs directly related to
the product or service
(ii The entrepreneur would then need to ascertain the
approximate costs for overhead
(iii Based on sales estimates, the entrepreneur would then
add the unit costs of overhead to the cost of
manufacture or cost of goods to determine the final
price
(iv It may also be necessary to consider the role of
competition and markups
c  
 
(i In some industries retailers use a standard markup to
price goods in their stores
(ii Standard markups can be ascertained from trade
publications or asking suppliers
(iii Lower markup in relation to competitors can increase
demand in the short term
d *   
(i When products cannot be easily differentiated, the
entrepreneur is generally forced to charge the same
price as the competition
(ii If the product has unique benefits, the product may
warrant a higher price
(iii New innovations may warrant a higher price or
skimming strategy in order to recover some of its high
development costs
(iv In a  +   # * , the only
justification for charging a higher price would be
additional services provided to the consumer
(v If the product or service is unique in the marketplace,
the entrepreneur has more flexibility
(vi The final price is a combination of total cost and profit
margins; changing one of these will impact the other
two
4   
a This factor provides utility, or makes the product
convenient to purchase when it is needed
b  # #   
(i If the market is highly concentrated, the entrepreneur
may consider direct sales to the customer
(ii If the market is dispersed across a wide geographic
area, the use of a longer channel with wholesalers and
retailers may be necessary
c (    # (expensive, perishable, or bulky
also affect the channel decision
d  * such as wholesalers and retailers can add
important value to the product
(i Their costs of providing these benefits are much lower
because they operate with economies of scale
(ii They can provide functions such as storage, delivery,
and sales staff that would not be feasible for a start up
venture
e  $ *    Special considerations and
regulations regarding such products as chemicals or food
and drug products are too costly for a small start up to
absorb
f  # -  $
(i Manufacturer¶s representatives do not take title or
physical possession of any products, but act on behalf
of noncompeting companies
(ii They are only paid a commission and only when a
sale is made
(iii Brokers are more common in food or dry goods
businesses
g It may be necessary to use more than one channel to
service customers more efficiently and increase sales
potential
h Channel decisions will also change over time
5 )* 
a The entrepreneur needs to inform customers about the
product¶s availability using advertising media such as
print, radio, or television
b Usually television is too expensive unless cable television
is a viable option
c Larger markets can be reached using direct mail, trade
magazines, or newspapers
d ? website may also create awareness and promote the
product and services of the venture
e The entrepreneur sometimes has to be creative buying
media space or time
f Press releases about the venture or its products or services
are often of interest to media
(i Local media are always looking for interesting stories
about new venture or entrepreneurs
(ii It is a good strategy to send out professionally written
news releases on a regular basis
6 The marketing strategy and action programs should be
specific and detailed enough to guide the entrepreneur
through the next year
F  
c  
'  *$   + +  
 
1 Marketing strategy decisions for a consumer product may be
very different from the decisions for a business-to-business
product
2   **  involve sales to households for personal
consumption
3 Usually   + +  * 
strategy involves a
more different channel of distribution than the consumer
market
a ?dvertising and promotions for the business-to-business
market involve more trade magazine advertising and direct
sales
b ?ttendance at trade shows can be one of the most effective
means to reach potential buyers in one location
G c . 
 
  
c  
'
1 Planning decisions must also consider the costs involved in
the implementation of these decisions
2 This budgeting will be useful in preparing the financial plan
H c /0* *     
)  
1 The marketing plan is meant to be a commitment to a specific
strategy
2 ? commitment to make adjustments as needed by market
conditions is also valuable
3 Someone in the venture should be assigned the responsibility
of coordinating and implementing the plan
I c 1  
)
 
(#  
1 Monitoring of the plan involves tracking specific results of
the marketing effort
2 What is monitored is dependent on the specific goals and
objectives outlined